Gamechanger for the unbanked eliminates multiple participants in the flow of funds.
As the only known alternative payment system in Africa that has its own payment gateway and can generate its own QR code, newly launched SendSpend is taking fintech where it hasn’t gone before.
Launched into the South African market in April, SendSpend is already proving itself as a fast, secure, and cost-effective disruptor in the financial payment space.
This global, multi-currency, peer to peer payment system connects merchants, consumers, and cash in/out services via a series of API’s, Payment Gateways and Smart Phone Apps.
SendSpend’s simple, easy to install payment gateway API or plug-in, allows people without a credit card, debit/cheque card or traditional bank account to buy from a merchant. Suitable for online shops, apps and in-store point of sale, this platform links directly to a customer’s SendSpend Pre-Paid Wallet with 2-factor authorisation completed instantly.
How it works: Advancing security
SendSpend’s global product offers the choice of 5 Payment Methods and Foreign Exchange. The Payment Button on a merchant’s website or app requests the customers SendSpend registered cell phone number. After entering the number, the customer is then asked to authorise the payment on the SendSpend E-Wallet by entering their PIN and a One Time Password (OTP) which is sent to their phone by text.
A merchant using the SendSpend E-Wallet to request a payment from the customer will ask the customer for their phone number and enter it into the E-Wallet. The customer will receive a request for the payment which will also display the name and a photo of the person requesting the payment. The customer will authorise the payment by entering their PIN. Non business person to person payments can also be made in a similar manner.
Generating a QR Code
SendSpend functionality enables merchants using the E-Wallet’s Instant Pay function or Point of Sale payment gateway to generate their own QR Code for the payment amount. The customer scans the QR Code and is then presented with a request to confirm the payment along with a photo of the merchant (if the merchant is an individual) or the company’s logo (if they are a corporate entity). The customer will then authorise the payment by entering their PIN.
Taking Fintech Forward
In terms of SendSpend as an e-commerce payment gateway, this is available via a plug-in for selected open-source e-commerce platforms such as NOP Commerce, with plug-ins for OpenCart, PrestaShop, WooCommerce, ZenCart, Magento and Odoo planned for later in the year.
For businesses that are not able to make use of a plug-in, SendSpend is also available via an API for in-house developed online shops, apps, other e-commerce platforms and in-store point of sale (POS) systems. This is of course in addition to the smart phone E-Wallet for businesses on the move or small shops.
“Most merchants can be up and running with SendSpend’s e-commerce payment gateway within a month. Even businesses with no e-commerce store or shopping cart can accept payments from SendSpend on their website using our payment gateway.” explains Graham Davies, co-founder of SendSpend. “This is a first”.
Additional benefits
Additional features of this payment gateway include multi-currency capabilities, enabling online merchants to sell in foreign countries and receive payment in local currency in South Africa. A pre-authorisation feature is also available as an option, which means that after a customer authorises the transaction, the payment is held in reserve whilst the merchant selects and delivers the goods.
“Merchant’s pay no fixed monthly charges for the payment gateway and payment processing fees are a straight percentage with no minimum transaction fee which often makes it very expensive for online merchants. Pricing is very competitive and merchants receive their money with 48 hours, an important benefit for SMME’s who need to manage their cashflow,” says Tracy Andersson, SendSpend’s other co-founder.
SendSpend’s application process for merchants is quick and easy and requires the completion of an online application which is followed by KYC onboarding within 48 hours. An API is then sent with instructions.
Whether for a sole proprietor, individual, small medium business or large business, SendSpend provides a practical cost-effective payment solution, backed by the latest in transformed fintech.
SendSpend is an Authorised Financial Services Provider, approved by the Financial Sector Conduct Authority (FSCA).
For more information, go to www.sendspend.co.za
